Experimental research and survey studies have explored various factors influencing the creation of corporate budget slack, yet, there is a lack of archival evidence concerning the determinants of budget slack. Using manually collected budget-related data for 5,704 Chinese companies over the period 2009-2018, we examine whether minority shareholder enhanced voting power mitigates the creation of corporate budget slack. We find that minority shareholder voting power reduces the likelihood of corporate budget slack as they are playing a more active role in enhancing the corporate governance of the companies. We further show that the relationship between minority shareholder voting power and the likelihood of corporate budget slack is more pronounced for firms with high information asymmetry, poor corporate governance and low ownership concentration. Finally, we show minority shareholder voting power increases the likelihood of management meeting the budgeted targets and enhances corporate value.